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The UK has a crucial role to play in the debate over how the EU should be reformed. This session engages in a conversation as to why and how.

The UK has a crucial role to play in the debate over how the EU should be reformed. This session engages in a conversation as to why and how.

This paper provides a framework for evaluating the strengths and weaknesses of Australian public assets when owned by: (i) a government department, (ii) a State owned corporate body, (iii) private investor's, or (iv) a network of constituents. The framework evaluates the generic characteristics of the four different types of governance architectures by considering their: (i) accountability, (ii) quality of service, (iii) operating costs, (iv) funding (v) cost of finance, and (vi) political outcomes. Network governance introduces distributed: communications, intelligence, decision making, and control which can be used to augment and/or replace the centralised architecture of the other three alternatives. Network governance is identified as a condition precedent for developing self‐governance and enriching democracy.

This toolkit is designed for policy makers and stakeholders who are considering the establishment of a publicly funded asset management company (AMC). An AMC is a statutory body or corporation, fully or partially owned by the government, usually established in times of financial sector stress, to assume the management of distressed assets and recoup the public cost of resolving the crisis. AMCs were first used in the early 1990s in Sweden (Securum) and the United States (the RTC), and again during the Asian crisis (for instance, Danaharta in Malaysia, KAMCO in the Republic of Korea). The 2008 financial crisis marked a renewal of the use of this tool to support the resolution of financial crises (for instance, NAMA in Ireland, SAREB in Spain). The toolkit does not address broader bank resolution issues. It has a narrow focus on the specific tool of a public AMC established to support bank resolution, and with the objective of providing insight on the design and operational issues surrounding the creation of such AMCs. It seeks to inform policy makers on issues to consider if and when planning to establish a public AMC through: · An analysis of recent public AMCs established as a result of the global financial crisis · Detailed case studies in developed and emerging markets over three generations · A toolkit approach with questions and answers, including questions on design and operations that are critical for authorities confronted with the issue of whether to establish an AMC · An emphasis on "how to" that is, a practical versus a principled approach. The toolkit is structured as followed: Part I summarizes the findings on the preconditions, the design, and the operationalization of public AMCs. Part II provides case studies on three generations of AMCs, whose lessons are embedded in Part I. The case studies cover emerging and developed markets, and have been selected based on the lessons they offer.

In many countries all over the world, governments are privatising firms that were previously under public control. This is happening, for example, in public utility sectors such as gas, water and electricity, in transport sectors (such as rail and metro) and in radio and telephony. This book provides an overview of the economic issues that are involved in this transfer of ownership of public assets. Combining a theoretical framework with a set of case studies of recent sales of state-owned assets from Europe and the USA, it asks which sort of allocation mechanism can a government adopt? Which is most suited to a particular sale? And how will the choice of allocation mechanism affect future market outcomes? With contributions from international experts, this book offers an accessible introduction to auction theory and an invaluable, non-technical analysis of existing knowledge. It will be of interest to students, non-specialists and policy-makers alike

The UK has a crucial role to play in the debate over how the EU should be reformed. This session engages in a conversation as to why and how.

Auction theory for auction design / Tilman Börgers and Eric Van Damme -- Beauty contest design / Maurice Dykstr and Nico Van der Windt -- Preventing collusion among firms in auctions / Timothy C. Salmon -- Levelling the playing field in auctions and the prohibition of state aid / Emiel Maasland, Yves Montangie and Roger Van Den Bergh -- Allocation mechanisms and post-allocation interaction / Maarten Janseen and Benny Moldovanu -- Spectrum auctions by the United States Federal Communications Commission / Timothy C. Salmon -- An analysis of the European 3G licensing process / Emiel Maasland and Benny Moldovan -- Auctions of gas transmission access : the British experience / Tanga Morae McDaniel and Karsten Neuhoff -- The design of treasury bond auctions : some case studies / Joseph Swierzbinski and Tilman Börgers -- Matching markets / Benny Moldovanu -- Competitive procurement of reintegration services in the Netherlands / Maurice Dykstr and Jaap De Koning -- The provision of rail services / Luisa Affuso and David Newbery.

The disclosure of data is often accompanied by many promises from an open government standpoint that use catchwords such as transparency, participation and engagement, not to mention innovation, viewing such data as a raw material that could be used by old and new companies to create and improve services. Although these promises effectively represent the potential of open data, in actual fact, they prove very difficult to accomplish. The delays, or rather the hurdles, that stand in the way of these data's use are multi-faceted: cultural resistance to sharing data, legal constraints and issues with creating sustainable updating processes. By retracing the steps of open data, this article highlights these issues, proposes courses of action and suggests considering open data as a common good: a resource shared by all the members of a community and from which everyone can benefit

The World Bank Treasury's Reserve Advisory and Management Partnership (RAMP) conducted its third survey on reserve management practices in 2021. One hundred and nineteen central banks, from different regions, income groups, and reserve levels, contributed to the survey, which included questions on investment policies, asset allocation, risk management, environmental, social, and governance (ESG) investing, and business continuity. The pandemic underlined the importance of safety and liquidity for reserve portfolios. The authors find that central banks maintained their conservative investment approach, focusing on high-quality fixed-income assets denominated in US dollars and euros. At the same time, against a backdrop of ultra-low interest rates in major economies, we also observe that central banks continued, in their search for yield, to gradually diversify their reserves into more currencies and asset classes within fixed income. Survey results also indicate that central banks' risk management practices show room for improvement, especially in institutions that have expanded into nontraditional asset classes, including those that invest in corporate credit. Meanwhile, reserve managers could further enhance internal risk and reporting practices to strengthen oversight. ESG investing is still rarely adopted by central banks, and fewer than a quarter of respondents have included ESG objectives in their investment policy. Crucially, this is largely explained by the focus of reserve portfolios on high-quality fixed-income assets, among which ESG instruments and strategies are rarely encountered. We learn that, in order to maintain business continuity, central banks implemented home-based work in 2020, but technological drawbacks and cybersecurity concerns tended significantly to obstruct any ambition to attain fully remote reserve management operations. The paper carries the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development and World Bank and its affiliated organizations or those of the Executive Directors of the World Bank or the governments they represent.